RFPI II


STUDY REPORTS

Report • 2018

Microinsurance Reporting System (MIRS)

Insurance regulation generally seeks to ensure that quality, fairly priced products are available from reliable insurers. The market in which the insurers operate is desirably a competitive market, and government intervention is most evident and needed to ensure that they are reliable. Insurance and reinsurance companies are financial intermediaries selling promises (i.e., insurance coverages) of future delivery and together play an important role for the furtherance of the local economy. Their clients are not only citizens but also entities in the public and private sectors. They are thus subject to regulation in every known market


Report • 2018

Disaster Risk Insurance Manual

The guide in complementing Disaster Risk Reduction with Insurance is based on the pilot tests of the Disaster Risk Insurance Manual (DRIM) training workshops in Vietnam, Nepal, Pakistan, Mongolia, and the Philippines in 2016-2017. The insights are limited to the composition of participants and their inputs, including the attendees from micro small and medium enterprises.

The cornerstone of the DRIM Training is the pilot country’s support to the Hyogo Framework for Action in 2005-20151, or agreement to the Sendai Framework for Disaster Risk Reduction (DRR) in 2015-20302. Country DRR Policies are underpinned by country legislations supportive either to the two international covenants.


Report • 2018

MEFIN Financial Literacy Campaign Kit (FLiCK)

Financial Literacy is seen as the instrument that could help address the lack of understanding, particularly by the men and women in the low-income sector, of financial products and services that could help them uplift their lives. By enabling the low-income sector to grasp how and what financial services and products could help ease their plight, it improves their chances of securing a better future for them. As such, Financial Literacy is indispensable component when it comes to over-all financial inclusion strategies, including that of Inclusive Insurance.


Report • 2018

Regulatory Impact Assessment (RIA) Manual 2018 Edition

The GIZ-RFPI project has been a trailblazer in the implementation of RIA on Microinsurance (MI) in a number of jurisdictions in Asia.

The first RIA conducted to analyse the impacts of Philippine regulations on Microinsurance was published in November 2015. This allowed various users of the RIA to generate knowledge and best practices on the regulation and supervision of insurance markets that can strengthen the emerging markets of MI and extend access to insurance. Due to recommendations, it also advanced development and dissemination of information, assessment and training tools and other instruments that foster access to insurance. It also provided analysis and distillation of lessons learned the proved to be relevant in better regulatory and business decisions by stakeholders of the MI industry1 .


Report • Mongolia • 2018

Financial Literacy and Inclusive Insurance Awareness in Mongolia: Work in Progress

Financial inclusion – the access of individuals and businesses to formal financial services – has been defined as one of the most important potential contributors to sustainable and inclusive economic development. Inclusive finances are becoming a priority for policymakers, regulators and development agencies globally. The 2017 APEC Financial Inclusion Summit held in Vietnam has committed itself to improve financial inclusion in Asia- Pacific. Additionally, financial inclusion was the first development topic to be integrated into the G20 multi-year action plan on development. This was achieved through the formation of the Global Partnership for Financial Inclusion as a platform for international standard-setting bodies to support financial inclusion.


Study Report • Nepal • 2018

Regulatory Impact Assessment (RIA) Microinsurance in Nepal

A Regulatory Impact Assessment (RIA)1 for Microinsurance (MI) or Inclusive Insurance is meant to measure the results and impact of policy and regulatory reforms related to inclusive insurance. RIA is using the Comprehensive Framework to Microinsurance Development (see Table 1, page 20) to determine the results of the regulatory measures in Nepal along 5 key strategies: 1) policy and regulation (including supervision), 2) private sector participation, 3) formalization, 4) financial literacy, and 5) consumer protection


Annual Report • 2018

RFPI 2017 Annual Report: Milestones and the Road Ahead

The Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia) program, being present in seven (7) jurisdictions in Asia, recognizes that it's a big challenge to improve the risk-protection access and capabilities of the low-income sector in different political and geographic conditions. S


Study Report • 2018

Digitalization in Inclusive Insurance: Threat or Enabler?

The use of digital technologies and data is changing the entire business ecosystem. Major changes are the reconfiguration of the value chain1 , new arising competitors, pressure on prices and margins, the ease of cross-border transactions and an emerging mismatch of skills to handle this change.2 What are the key factors?


Study Report • Vietnam • 2018

Financial literacy and financial inclusion in Vietnam: A way back and forth

At the global stage, financial inclusion – the access of individuals and businesses to formal financial services – has been defined as one of the most important potential contributors to sustainable and inclusive economic development1 . Researchers and policymakers have recently turned their attention to the concept of financial inclusion, after the commitment to improve financial inclusion in Asia-Pacific in the 2017 APEC Financial Inclusion Summit held in Vietnam.


Study Report • Vietnam • 2018

Vietnam Women’s Union and GIZ-RFPI Asia Cooperation on Financial Literacy with a Focus on Microinsurance

To enhance the chances of success, external donors need to build partnerships that lead to project outputs being taken up and propagated by existing systems and networks. In Vietnam, the Vietnam Women’s Union (VWU) is one example of an existing organisation with an extended and structured network that can effectively reach that aim.


Study Report • 2018

Creating the Complementation of Disaster Risk Reduction and Management and Natural Catastrophe Insurance: A Training Guide for MSMEs, Insurers and Governments

The Training Manual on “Creating the Complementation of Disaster Risk Reduction and Management and Natural Catastrophe Insurance: A Guide for MSMEs, Insurers and Governments” is closely linked with the respective Government’s Policies and Strategies for the implementation of Disaster Risk Reduction and Management Plan (DRRMP) in the five pilot countries.


Presentation • Vietnam • 2017

Developing Multi-Stakeholder Partnerships for Financing Climate Risk Protection

Inter-ministerial technical workshop on valuaJon of climate change impacts in Viet Nam



Study Report • Mongolia • 2017

Focus Group Discussion to Determine the Risks Faced in ger Areas in Mongolia and Provide Recommendations to Insurance Regulator and Companies

During the last decade, migration from rural areas to big cities has caused an unprecedented expansion of ger area particularly in Ulaanbaatar (UB). As of 2008, totally 154,644 families had been living in UB ger area and this number had reached to 197,094 in 2013. Totally 59.1 percent of families live in UB ger area as of 2013. In terms of socioeconomic status, ger area is considerably different from apartment area and ger area families tend to be larger, less educated, younger, and poorer than apartment area households.


Case Study • Philippines • 2016

The Philippine Approach to Inclusive Insurance Market Development

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BUSINESS MODELS

Study Report • Nepal • 2018

Financial Inclusion, Financial Literacy and Microinsurance Awareness in Nepal: Continuity and Change

Financial Inclusion refers to people, regardless of their social or economic background, having access to a wide range of financial services through formal financial institutions. These services, at the very basic level, start with opening a deposit account or a transaction account, in order to save and store money and receive or make payments. Financial inclusion has been defined as one of the main potential contributors to sustainable and inclusive economic development. Inclusive finances are becoming a priority for policymakers, regulators and development agencies globally. The 2017 APEC Financial Inclusion Summit held in Vietnam has committed itself to improve financial inclusion in AsiaPacific, and financial inclusion was the first development topic to be integrated into the G20 multi-year action plan on development.


Factsheet • Philippines • 2017

Philippines: Promoting Access to Microinsurance Through Online Communities

The Philippines Insurance Commission estimates that around 26.6 Million Filipinos (25.6% of population) had microinsurance (MI) coverage by the end of the first quarter of 2017. Microinsurance growth is built around a strong Policy Framework and regulations that mobilized the private insurance sector to develop new products. With financial literacy training roadshows in 2011-2012 in all 16 regions/key cities of the country, around 660 staff members of Government offices and the private sector were trained as MI advocates. Over 1,700 people had participated in the MI awareness public seminars.


Factsheet • Sri Lanka • 2017

Sri Lanka: Ceylinco General Insurance, Trailblazer in Providing Insurance Access to the Diverse Needs of Sri Lankans

A quarter of Sri Lanka’s 21.2 M million inhabitants lives on less than USD 2 a day (World Bank Statistics, 2015). From 1983 to 2009, there existed an armed conflict between the Government of Sri Lanka (GOSL) and the Liberation Tigers of Tamil Eelam (LTTE) and in 2004, the country was significantly affected by the Indian Ocean earthquake, resulting to a tsunami. These two (2) became the biggest constraints to economic development of the country these past years.

The end of the 30-year civil war roused a new era of economic development inspiring significant opportunities for the insurance sector to grow


Factsheet • Nepal • 2017

Nepal: Shikhar Insurance, Strengthening Nepal’s Agricultural Sector through Responsive, Innovative, and Affordable Insurance Products

Shikhar Insurance Company Ltd. (SICL) is a publicly-listed general (non-life) insurance company established in 17 November 2004. It is operating in 53 branches across Nepal. It holds 14% market share of total industry premium and 16% market share of total number of policies issued in the country. SICL has 150 agents, including bank assurance relationship with large commercial banks. 80 percent of the population is based in rural areas; thus, the livelihood of Nepalese is significantly depended on farming and other agriculture-related enterprise. Venturing to agri-insurance means reaching to majority of the populations and protecting their assets and livelihoods.


Factsheet • Nepal • 2017

Nepal: Microinsurance Pool to increase client penetration and jointly manage the risks

Nepal is a country where almost 80% of its 28 Million population lives in the rural areas. The country covers the Himalayan range as well as fertile plains having very low access by roads. Therefore, reaching the targeted group at remote locations is the most challenging task to increase access to insurance.


Pakistan: Making Life and Health Insurance Accessible for Middle to Low-End Retailers (SME Segment)

SMEs in Pakistan constitute nearly 90% of all the enterprises in Pakistan; employ 78% of the non-agricultural labour force; and their share in the annual GDP more than 30%. Looking into these numbers one can foresee that this segment holds a great potential that can help financial institutions to work in the right direction of financial inclusion for the masses.


Factsheet • Indonesia • 2017

Indonesia: Piloting a village-based model in distributing microinsurance at Tiku Selatan Village – Tanjung Mutira Sub-District, Agam District, West Sumatra Province.

In order to develop Microinsurance in Indonesia, the government, through the Indonesian Financial Service Authority or Otoritas Jasa Keuangan (OJK), developed and launched its Grand Design on The Development of Microinsurance in 2013. The development of the Grand Design was supported by GIZ-Regulatory Framework Promotion of Pro-poor Insurance Markets In Asia (GIZ-RFPI Asia). As part of the Grand Design, OJK embarked on a National Strategy for Financial Literacy (FinLit) during the same year in partnership with the insurance industry.


Factsheet • Indonesia • 2017

Indonesia: Synergy in Public-Private Partnership in Implementing the National Strategy for Financial Inclusion: A Case of Microinsurance Penetration in East Nusa Tenggara Province

On 1 September 2016, Indonesia President Joko Widodo signed a Presidential Regulation No. 82/2016 on National Strategy for Financial Inclusion (Strategi Nasional Keuangan Inklusif – SNKI). SNKI focuses on six pillars: financial education, public financing facilities, financial information mapping, supportive regulations, distribution networks and intermediation facilities and consumer protection.


Factsheet • Vietnam • 2017

Vietnam: Delivering Microinsurance to Women by Viet Nam Women’s Union: The Role of Regulation in Pilot Testing

Vietnam is a developing country which has more than 60 million people1 living in the countryside, most are low income. Different kinds of risks affect the communities. Access to insurance products is low due to the high cost of premium and complexity of the products. The insurance enterprise is still focused on the medium and high income population in Vietnam. Insurance companies have difficulties selling micro insurance with low tariff due to the high cost of delivery and operations.


Factsheet • Vietnam • 2017

Vietnam: Delivering Microinsurance through the Vietnam Community Finance Resource Center: Regulation in Pilot Testing

Vietnam is a developing country which has more than 60 million people1 living in the countryside, most are low income and exposed to various risks. Access to insurance products is difficult due to the high price and complexity, even among traditional policies. Insurance enterprises have challenges selling microinsurance with low tariff due to the high cost of delivery and operation. Currently, these companies target the medium and high income population.


Factsheet • Pakistan • 2017

Pakistan: Delivering health based plan for women and their families through a non-government organization

Pakistan is sixth most populous country in the world with an estimated population of 190 million in 2015. Out of the total population, approximately 40% are poor according to the Multidimensional Poverty Index. The proportion of people identified as multidimensionality poor in urban areas is significantly lower than in rural areas – 10% and 55% respectively. This population segment is vulnerable to a number of shocks, which can have severe repercussions on their economic and social wellbeing.


Factsheet • Pakistan • 2017

Pakistan: Delivering affordable life insurance solutions through mobile phones

Low-income households and micro, small and medium size enterprises are particularly vulnerable to risks, whether they are related to health, agriculture, property or death. These risks generally bring with them heavy financial implications as individuals, businesses and households attempt to mitigate them. Very few of these groups are served by efficient and effective formal risk management and social protection mechanisms, meaning that recuperating losses and recovering from shock is difficult, at best, and impossible, at worst.


Factsheet • Nepal • 2017

Nepal: Endowment and Term Microinsurance Products

NepalLife which was established in 2001 is the leading life insurance company in Nepal contributing 33% to the total industry premium. The company has branches in most parts of the country and distributes its policies through 12,000 active agents. NepalLife is serving the customers from 106 outlets covering 64 districts out of total 75 districts of Nepal.


Factsheet • Nepal • 2017

Nepal: Implementing Microinsurance Standard Products

SICL is a publicly-listed general insurance company established in 2004. It is operating in 32 branches across the country. It holds 14% market share of total industry premium and 18% market share of total number of policies. SICL has 57 agents, including banc assurance relationship with large commercial banks.


Factsheet • Indonesia • 2017

Indonesia: Allianz’s SEKOCI, Responding to the 'Client Value' Challenge

While there are already emerging distribution channels for Microinsurance (MI) such as mobile phone network operators (MNOs) and other utility companies, microfinance institutions (MFIs) remain to be the easier entry point of MI providers.


Indonesia: SiPINTAR, an Asuransiku (microinsurance) and Emasku (microinvestment) Hybrid Product

Indonesia, an archipelago of about 13,446 islands and more than 255 million people, has a low index of financial services literacy, mostly in insurance sector, leasing, pension fund and stock market.


Factsheet • Philippines • 2017

Philippines: Microhealth insurance through a cooperative Health Maintenance Organization

Healthcare financial risk protection in the Philippines is mainly being provided by the government through the Philippine Health Insurance Corporation (PhilHealth), other social protection programs, and by the licensed private insurance companies and Health Maintenance Organizations (HMOs).


Factsheet • Philippines • 2016

Philippines: Microhealth, accident insurance and healthcare delivery – A cooperation of commercial company and network of healthcare facilities

Healthcare financial risk protection in the Philippines is mainly being provided by the government through the Philippine Health Insurance Corporation (PhilHealth), other social protection programs, and by the licensed private insurance companies and Health Maintenance Organizations (HMOs).


Factsheet • Mongolia • 2016

Mongolia: Ger, House and Fence insurance scheme by Monre Insurance

Mongolia, a landlocked country in East Asia, has a population of 2.8 Million. Although half of the population is living in the capital Ulaanbaatar, a large number of people is still staying in traditional gers, a portable, round tent covered with skins or felt traditionally used as a dwelling by nomads. The “ger districts” in the periphery of Ulaanbaatar that also comprise some small houses serve as a home for about 1 million inhabitants, most of them from the low-income sector.


Factsheet • Mongolia • 2017

Mongolia: Inclusive Insurance schemes by Ulaanbaatar City Insurance

Mongolia is a developing country which has relatively high proportion of young population. Children between 0 and 18 years old represent 39% of the population. According to estimates, 7% of these children suffer from injuries caused by approximately 40,000 accidents per annum.


Factsheet • Philippines • 2016

Delivering Microinsurance in the Philippines through Cooperatives

Different kinds of risks are present in our everyday life. Lowincome people especially are highly vulnerable when it comes to health problems, the destruction of their house, assets, harvest or livestock due to natural catastrophes or to losing the breadwinner of the family in an accident.


Factsheet • Philippines • 2016

Delivering Microinsurance in the Philippines through Pawnshops

Different kinds of risks are present in our everyday life. Lowincome people especially are highly vulnerable when it comes to health problems, the destruction of their house, assets, harvest or livestock due to natural catastrophes or to losing the breadwinner of the family in an accident.


Factsheet • Philippines • 2016

Delivering Microinsurance in the Philippines through Rural banks

Different kinds of risks are present in our everyday life. Lowincome people especially are highly vulnerable when it comes to health problems, the destruction of their house, assets, harvest or livestock due to natural catastrophes or to losing the breadwinner of the family in an accident.



CONFERENCES & REPORTS

Presentation • 2017

Advancing Microinsurance through Awareness Campaigns

GIZ - Regulatory Framework promotion of Propoor Insurance Markets in Asia II (RFPI Asia II)


Presentation • Philippines • 2017

Agriculture and Fisheries Insurance in the Philippines: Opportunity or Trap?

Designing a truly relevant community for the target market


Presentation • Indonesia • 2017

Inclusive Insurance in the ASEAN and Indonesia

GIZ Regulatory Framework Promotion of Pro-Poor Insurance Markets in Asia


Presentation • 2017

Disaster Risk Preparedness and NatCat Microinsurance: A Profitable Business?

15th Conference on Catastrophe Insurance in Asia 20-21 September 2017, Shangri-La‘s Far Eastern Plaza Hotel, Taipei, Taiwan


Presentation • 2017

Microinsurance Roadmap (MIR) in APEC Emerging Economies

The Microinsurance Development: one of the strategies in the Cebu Action Plan for Enhancing Financial Resilience.


Report • Pakistan • 2017

Multi-Stakeholder Dialogue on Microinsurance in Pakistan

The Pakistan economy expanded by 4.24% in the fiscal year 2014-15. Growth came from all sectors including agriculture, industry and services. A large portion or 43.5% of its workforce relies on agriculture which also contributes 20.9% of GDP. One of the major tax sources is its industrial sector which produces 20.30% of the national GDP. 65.4% of Pakistan’s industrial sector comes from manufacturing that saw growth by 3.62% in 2014-2015. One of the highest increases came from small scale manufacturing at 8.24% for the same year.


Seminar Report • Mongolia • 2017

Seminar on Risk Protection Mechanisms for SMEs to Strengthen Inclusive Insurance in Mongolia – Event Documentation

The insurance industry in Mongolia is currently small and is still in its development stage. The share of the insurance industry is 0.7% of the whole financial sector. Banking sector dominates holding 95% share of the financial sector in Mongolia. NBFIs including saving and credit cooperatives are about 2.4% of the financial sector.


Regulation • Mongolia • 2018

Regulation for Mortgage Insurance in Mongolia


Resolution • Mongolia • 2016

Resolution 407 Issued by FRC Mongolia


Resolution • Mongolia • 2014

Mongolia: Resolution 303